Otis Announces 8 Percent Increase in Quarterly Dividend to $0.42 per Share

Rhea-AI Summary

Otis Worldwide (NYSE: OTIS) has announced an 8% increase in its quarterly dividend to $0.42 per share, payable on June 6, 2025, to shareholders of record as of May 16, 2025. This marks the fifth consecutive year of dividend increases for the company.

CEO Judy Marks highlighted that Otis' dividend has grown approximately 110% since its spin-off in 2020, attributing this growth to their Service-driven business model. As the world's leading elevator and escalator company, Otis moves 2.4 billion people daily and maintains approximately 2.4 million customer units worldwide, representing the industry's largest Service portfolio.

Positive

• 8% increase in quarterly dividend to $0.42 per share
• Fifth consecutive year of dividend increases
• 110% dividend growth since 2020 spin-off
• Industry's largest service portfolio with 2.4 million customer units

Negative

• None.

FARMINGTON, Conn., April 22, 2025 /PRNewswire/ -- The Otis Worldwide Corporation (NYSE: OTIS) Board of Directors today declared a quarterly dividend of $0.42 per share of Otis' common stock, representing an 8% increase. The dividend will be payable on June 6, 2025, to shareholders of record at the close of business on May 16, 2025.

"We are pleased to announce a dividend increase for the fifth consecutive year, which demonstrates our commitment to creating value for our shareholders through our disciplined capital allocation strategy," said Judy Marks, Otis Chair, CEO and President. "Our dividend has increased approximately 110% since our spin in 2020, supported by the strength of our Service-driven business model."

About Otis

Otis is the world's leading elevator and escalator manufacturing, installation and service company. We move 2.4 billion people a day and maintain approximately 2.4 million customer units worldwide, the industry's largest Service portfolio. Headquartered in Connecticut, USA, Otis is 72,000 people strong, including 44,000 field professionals, all committed to manufacturing, installing and maintaining products to meet the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, Instagram, and Facebook @OtisElevatorCo.

Cautionary Statement
This release includes statements related to anticipated earnings, cash flow and dividends that constitute "forward-looking statements" under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Past dividends provide no assurance as to future dividends. The payment and amount of future dividends could vary significantly from past amounts due to a number of risks and uncertainties.  Risks and uncertainties include: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, future availability of credit and factors that may affect such availability or costs (including tighter credit conditions), levels of end market demand in construction, pandemic health issues, natural disasters and the financial condition of Otis' customers and suppliers; (2) risks associated with indebtedness; (3) challenges in the development and production of new products and services; and (4) the effect of changes in laws and regulations, political conditions and geopolitical conflicts in countries in which we operate and other factors beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see the reports of Otis on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

Media Contact	Investor Relations Contact
Katy Padgett	Rob Quartaro
+1-860-674-3047	+1-860-676-6011
kathleen.padgett@otis.com	investorrelations@otis.com

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SOURCE Otis Worldwide Corporation

FAQ

What is the new quarterly dividend amount for Otis (OTIS) stock?

Otis' new quarterly dividend is $0.42 per share, representing an 8% increase from the previous amount.

When will Otis (OTIS) pay its next dividend?

Otis will pay its quarterly dividend on June 6, 2025, to shareholders of record as of May 16, 2025.

How much has Otis (OTIS) dividend grown since its spin-off?

Otis' dividend has increased approximately 110% since its spin-off in 2020.

How many customer units does Otis maintain worldwide?

Otis maintains approximately 2.4 million customer units worldwide, representing the industry's largest Service portfolio.

How many consecutive years has Otis (OTIS) increased its dividend?

Otis has increased its dividend for five consecutive years, demonstrating consistent shareholder value creation.